ESMA_QA_1977
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1977
Regulatory Context
Regulation : MIFIR
Level 1 Regulation: Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
Level 2 Regulation: Regulation 2017/581 - RTS on access in respect of central counterparties and trading venues (RTS 15)
Level 3 Regulation: No information available
Topic: Access to CCPs and trading venues
Subject Matter: Fees charged to CCPs in relation to access to trading venues
Question
Submission Date: 13 October 2023
To what extent can a trading venue apply different fee schedules to CCPs under Article 36 of MiFIR? Is it possible for a trading venue to apply different fee schedules depending on whether a CCP has close links to the trading venue?
ESMA Answer
Answer Date: 13-10-2023
Recital 5 of Commission Delegated Regulation (EU) 2017/581 (RTS 15) clarifies that the terms under which access must be permitted are to ensure that CCPs’ access to trading venues is based on reasonable and non-discriminatory grounds and, in particular, that charging fees that have the effect to deter access should not be permitted. For this purpose, Article 11(1) RTS 15, which further specifies Article 36 of MiFIR, requires trading venues to apply the same schedule of fees and rebates to all CCPs accessing the trading venue. ESMA recognises though that there may be a variety of relevant fees related to the implementation of the access arrangements that might differ on a case-by-case basis as recognised in recital 5 of RTS 15. For this purpose, Article 11(1) of RTS 15 allows trading venues to apply different fee and rebates schedules to CCPs, provided that the fees can be objectively justified. This reasoning is indifferent concerning whether or not a CCP with close links to the trading venue is involved, as any application of a different schedule of fees needs to be based on objective criteria (Article 11(1) RTS 15) which need to be reasonable and non-discriminatory (Recital 5 of RTS 15).
This document was automatically extracted from the ESMA EMIR Q&A database.